Triplex with Townhome
For Sale
$395,000
Pending
108 Melody Lane D-1 D-2 D-3, Bristol, TN 37620
Multi Family, Bristol, TN
Property Size4,299 SF
Lot Size0.30 Acres
Days on Market50
Property Features for 108 Melody Lane D-1 D-2 D-3
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
B 1B / R 3
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 1, Bedroom 6, Bathroom 1, Bathroom 2, Bedroom 2, Bathroom 5, Bedroom 4, Bedroom 5, Bathroom 3, Bedroom 3, Bathroom 4, Bathroom 6
Patio and Porch features
Patio
Interior features
Entrance Foyer, Laminate Counters, Open Floorplan, Remodeled
Appliances
Dishwasher, Electric Range, Microwave, Refrigerator
Subdivision
Holston Villa Town
Elementary school
Holston View
Middle school
Tennessee Middle
High school
Tennessee
Directions
From King University. Continue of King College Rd and turn left on Melody lane. Take first right into parking area. Park in D-1 or side lot.
Standard status
Pending
APN
021e E 001.00
Size
4,299 SF
Lot size
0.30 Acres
Taxes and HOA fees
Tax Annual Amount
2038
HOA Fee
$180 Monthly
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Heat Pump (Heating)
Cooling system
Central Air
Water source
Public
Amenities
patios
laundry room
snow removal
grass cutting
Building Details
Year built
1986
Floors in Building
2
Number of units
3
Flooring type
Carpet, Hardwood, Vinyl
Building materials
Vinyl Siding
Roof type
Asphalt, Shingle
Architectural style
Other
Additional Structures
Storage
Listing Agency:
The Addington Agency Bristol
(423) 845-5800
Listed By:
Amy Booher · License #325828
(423) 967-4224
Added: Jul 16
Changed: Aug 19
Last Checked: Sep 3 at 7:06AM
MLS# 9998279
Copyright © 2026 Tennessee Virginia Regional Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 4,299-square-foot triplex includes three townhome-style units on a 0.3-acre parcel in Holston Villas. Built in 1986, each approximately 1,466+/- square-foot residence offers two bedrooms, two full bathrooms, an open living and dining area, kitchen, front and rear patios, a laundry and storage room, and additional interior storage. Unit D-1 has received a complete renovation, and the property has a new roof installed in 2024. Interior features include open floorplans, laminate counters, and a foyer, with central air, forced-air and heat-pump systems, public water, and public sewer.
The property is located at 108 Melody Lane in Bristol, at the corner of King College Road and Melody Lane. It is across from a fire station and elementary school and near King University. The parcel includes the upper parking area and extends along the north side of the sidewalk. Each unit has one assigned parking spot plus overflow parking. Zoning is B 1B / R 3, and the property is within the Holston Villas Homeowners Association.
The property is located at 108 Melody Lane in Bristol, at the corner of King College Road and Melody Lane. It is across from a fire station and elementary school and near King University. The parcel includes the upper parking area and extends along the north side of the sidewalk. Each unit has one assigned parking spot plus overflow parking. Zoning is B 1B / R 3, and the property is within the Holston Villas Homeowners Association.
Key Highlights
- Three townhome units sold together on one 0.3‑acre parcel
- 4,299 square feet total; each unit is approximately 1,466+/- square feet
- Each unit includes 2 bedrooms, 2 full bathrooms, patios, and a dedicated laundry/storage room
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$32,076
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.12%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$641,520
$641.5K
Cap Rate 7%
$458,229
$458.2K
Cap Rate 9%
$356,400
$356.4K
Market Conditions
NOI Build-Up for 4,299 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$49.0K $11.40/SF
− Vacancy
−$3.2K −$0.74/SF
EGI
$45.8K $10.66/SF
− OpEx
−$13.7K −$3.20/SF
NOI
$32.1K $7.46/SF
Area
Sullivan County, TN
Vacancy
6.50%
Lease Rate
$11.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$641,520
Cap Rate 7%
$458,229
Cap Rate 9%
$356,400
Alternative Uses
Best Use
Multifamily LT 5
$458.2K
$401.0K – $534.6K
NOI $32,076 @ 7.0% cap · market cap 8.12%
Second Best
Apartment 5plus
$429.0K
$375.4K – $500.5K
NOI $30,030 @ 7.0% cap · market cap 7.60%
Theoretical Best
Office A
$1.61M
$1.41M – $1.88M
NOI $112,693 @ 7.0% cap · market cap 28.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
60
Businesses Nearby
Explore this area
Business Placement
Demographics for 37620, TN
38,245
Population
18,119
Households
2.1
Avg Household Size
45
Median Age
26%
College-Educated
90%
High-School Grad
128.2 sq mi
ZIP Area
298
Density / Sq Mi
$54,908
Median Household Income
$36,017
Median Earnings
$809
Median Rent
$175,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three townhome-style units share one parcel with public water, public sewer, patios, and dedicated laundry rooms.
Where is this triplex located?
The property is located at 108 Melody Lane D-1 D-2 D-3 Bristol, TN.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Three townhome units sold together on one 0.3‑acre parcel; 4,299 square feet total; each unit is approximately 1,466+/- square feet; Each unit includes 2 bedrooms, 2 full bathrooms, patios, and a dedicated laundry/storage room
